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Name change could be coming for 'The Pit'

Published On: Jul 10 2013 07:52:16 AM MDT

ALBUQUERQUE, N.M. -

University of New Mexico athletic officials are hoping someone buys the naming rights for the school's iconic basketball stadium, The Pit, as a way to help pay off its multimillion-dollar renovation debt.

Officials are looking for at least a $10 million gift, but after years of trying said they still haven't locked down a deal and it's beginning to be a financial burden.

"Part of our early model was a naming gift that could help offset some of the debt service as well," Deputy Athletic Director Tim Cass said.

It costs UNM $3 million a year to pay The Pit's debt. Without a big name out front, the school's left paying that all alone.

"I think the economy has played a role in that solicitation. It's a big business decision for companies," Cass said.

He said the department's had to take revenue from other areas and cut expenses to keep up with payments. In the long run, no naming rights deal could potentially impact ticket prices, student fees or even other projects. But, until they get there Cass said they just don't know.

"(Getting a deal) is critical to the expansion. Will is slow down our building projects? I can't necessarily answer that," Cass said.

The school has made several formal presentations to interested parties looking to buy the naming rights, but have yet to lock one down.

If they do, Cass said they plan to try and incorporate "The Pit" into the deal.

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